INVESTMENTS IN REAL ESTATE

3 Months Ended

Mar. 31, 2015

Real Estate Investments, Net [Abstract]

INVESTMENTS IN REAL ESTATE

NOTE 6 - INVESTMENTS IN REAL ESTATE

The Company’s investments in real estate, net, consist of the following (in thousands):

	March 31, 2015		December 31, 2014
Properties owned, net of accumulated depreciation of $9,335 and $9,198:
Hotel property (Savannah, Georgia)	$	9,851	$	10,110
Office building (Philadelphia, Pennsylvania)	870		888
	10,721		10,998
Partnerships and other investments	6,112		6,099
Total investments in real estate, net	$	16,833	$	17,097

For three months ended March 31, 2015 and March 31, 2014, the Company recorded rental income of $1.2 million and $939,000, respectively. The contractual future minimum rental income on non-cancelable operating leases included in properties owned for each of the five succeeding annual periods ending March 31, and thereafter, are as follows (in thousands):

2016	$	926
2017	769
2018	700
2019	701
2020	581
Thereafter	355
Total	$	4,032